Mid-Morning Market Update: Markets Down; Casino Equities Get a Boost
Following the market opening Friday, the Dow traded down 0.46 percent to 12,484.96 while the NASDAQ fell 0.51 percent to 2,822.46. The S&P also fell, decreasing 0.52 percent to 1,346.24.
Hostess announced this morning that it would be filing for bankruptcy due to trouble with product demand and its recent labor relations issues. The company plans to liquidate its holdings.
Equities Trading UP
Penn National Gaming (NASDAQ: PENN) shot up 32.87 percent to $49.97 after the company announced it would split into two separate companies to optimize its performance.
Shares of MGM Resorts (NYSE: MGM) were also on the rise, trading up 4.81 percent to $9.82 following the news on Penn's restructuring.
OfficeMax (NYSE: OMX) also rocketed up, rising 25.39 percent to $10.32 following the IPO filing by Boise Cascade.
Equities Trading DOWN
Dynavax Technologies (NASDAQ: DVAX) dropped 48.81 percent to $2.37 following a negative FDA recommendation on its Hepatitis C vaccine yesterday.
Dell (NASDAQ: DELL) traded down 7.01 percent to $8.89 after the company missed on earnings and posted some negative guidance following the close Thursday.
Shares of Windstream (NASDAQ: WIN) traded down 2.31 percent to $8.03 following a downgrade to Sell from Goldman Sachs and a price target cut at Nomura.
In commodity news, oil traded up 1.16 percent to $86.44, while gold traded up 0.06 percent to $1,719.20.
Silver traded down 0.28 percent Friday to $32.40.
In the eurozone this morning markets continued to fall on Spanish finance fears.
The IMF director came out with a statement urging finance officials to make a timely decision on Greece.
BUBA's Weidmann also was out with some statements, saying Greece will need more time than other countries to reform and that the ESM bailout is currently sufficient.
In economic news, TIC net long-term transactions came in at $4.7 billion vs the expected $50.0 billion and the prior number of $63.5 billion.
Capacity utilization rate was reported at 77.8 percent, slightly above the expected 78.4 percent, but below the prior report of 78.2 percent.
Industrial production month over month was also reported, coming in at -0.4 percent, below the expected 0.2 percent as well as the prior report.
Overall net capital flow came in at $3.3 billion, drastically below the expected $50.0 billion and the prior report of $90.3 billion
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